To better understand how common home improvement loans are, LendingTree analyzed the latest housing data to determine where the most home improvement loans are originated. Specifically, we looked at the number of first- and second-lien mortgages used to pay for home improvements for every 100,000 owner-occupied homes in each state. Here's what we found.
You can check out our full report here: https://www.lendingtree.com/home/mortgage/home-improvement-loans-study/
LendingTree's Senior Economist and report author, Jacob Channel, had this to say:
"Though they aren’t without drawbacks, home improvement loans can help qualified and responsible homeowners keep their homes in good shape and otherwise easy to live in. That said, homeowners shouldn’t rush to get a home improvement loan until they fully understand what they’re getting themselves into and are reasonably certain that they can pay back whatever they borrow.”
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